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What this page is: Delvantic's full research page for Fortive Corporation (FTV) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
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Fortive Corporation
FTV NYSEFortive Corporation is an industrial technology company that designs, develops, manufactures, and markets professional products, software, and services for mission-critical operations. Fortive Corporation serves a broad range of end markets through its Intelligent Operating Solutions and Advanced Healthcare Solutions segments, with offerings that support instrumentation, workflow software, compliance, safety, and healthcare-related operations. Its businesses provide tools and connected solutions used across manufacturing, process industries, utilities, power, communications, electronics, and medical environments. The company’s portfolio includes brands focused on measurement, reliability, productivity, and operational performance, making it an important supplier of technologies that help organizations manage complex technical workflows. Headquartered in Everett, Washington, Fortive Corporation operates globally across multiple countries.
Price Overview
Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics TTM · through Apr 3, 2026
EPS (Diluted): 1.65
Total Equity: $6.09B
Shares: 329,300,000
Total Debt: $3.49B
Cash: $356.10M
EBITDA: $1.19B
Total Debt: $3.49B
Cash: $356.10M
Revenue: $4.24B
Revenue: $4.24B
Revenue: $4.24B
Total Equity: $6.09B
Tax Rate: 12.0%
Equity: $6.09B
Total Debt: $3.49B
Cash: $356.10M
Current Liabilities: $2.19B
Long-Term Debt: $2.59B
Total Debt: $3.49B
Total Equity: $6.09B
Shares: 329,300,000
Shares: 329,300,000
CapEx: -$110.60M
Shares: 329,300,000
Stock Price: $56.94
Net Income: $543.70M
Industry Benchmarks
Income Statement (Annual)
Last updated: Sep 6, 2026 4:51pm (31d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $5.3B | $5.8B | $6.1B | $6.2B | $4.2B |
| Cost of Revenue | $2.2B | $2.5B | $2.5B | $2.5B | $1.5B |
| Gross Profit | $3.0B | $3.4B | $3.6B | $3.7B | $2.6B |
| Operating Expenses | $2.2B | $2.4B | $2.5B | $2.5B | $1.9B |
| Operating Income | $812.8M | $987.4M | $1.1B | $1.2B | $720.2M |
| Net Income | — | $755.2M | $865.8M | $832.9M | $579.2M |
| EBITDA | $1.2B | $1.5B | $1.6B | $1.8B | $1.2B |
| EPS | $1.64 | $2.12 | $2.46 | $2.39 | $1.74 |
| EPS (Diluted) | $1.63 | $2.10 | $2.43 | $2.36 | $1.73 |
Balance Sheet (Annual)
Last updated: Sep 6, 2026 4:51pm (31d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $819.3M | $709.2M | $1.9B | $813.3M | $375.5M |
| Total Current Assets | $2.5B | $2.5B | $3.7B | $2.6B | $1.6B |
| Total Assets | $16.5B | $15.9B | $16.9B | $17.0B | $11.7B |
| Current Liabilities | $3.7B | $2.7B | $1.8B | $2.2B | $2.2B |
| Long-Term Debt | $1.8B | $2.3B | $3.6B | $3.3B | $2.3B |
| Total Liabilities | $6.9B | $6.2B | $6.6B | $6.8B | $5.3B |
| Total Equity | $9.5B | $9.7B | $10.3B | $10.2B | $6.5B |
| Retained Earnings | $6.0B | $6.7B | $7.5B | $8.2B | $5.4B |
Cash Flow (Annual)
Last updated: Sep 6, 2026 4:51pm (31d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $961.1M | $1.3B | $1.4B | $1.5B | $1.1B |
| Capital Expenditure | -$50.0M | -$95.8M | -$107.8M | -$120.4M | -$105.1M |
| Free Cash Flow | $911.1M | $1.2B | $1.2B | $1.4B | $978.1M |
| Acquisitions (net) | -$2.6B | -$12.8M | -$95.8M | -$1.7B | -$25.7M |
| Net Debt Issued / (Repaid) | $1.6B | $3.6B | $1.5B | $2.7B | $715.7M |
| Dividends Paid | — | -$99.5M | -$102.0M | -$111.2M | — |
| Stock Buybacks | $0 | -$442.9M | -$272.9M | -$889.6M | -$1.6B |
| Net Change in Cash | -$1.0B | -$110.1M | $1.2B | -$1.1B | -$437.8M |
Growth Trends (YoY %)
Last updated: Sep 6, 2026 4:51pm (31d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +10.9% | +4.1% | +2.7% | -33.3% |
| Gross Profit Growth | +11.8% | +6.9% | +3.8% | -29.2% |
| Operating Income Growth | +21.5% | +14.8% | +6.4% | -40.3% |
| Net Income Growth | — | +14.6% | -3.8% | -30.5% |
| EBITDA Growth | +20.3% | +9.5% | +10.1% | -33.9% |
Dividend History (Last 20)
Last updated: Sep 6, 2026 4:51pm (31d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-06-22 | $0.06 | — | — | — |
| 2026-03-13 | $0.06 | — | — | — |
| 2025-11-28 | $0.06 | — | — | — |
| 2025-09-12 | $0.06 | — | — | — |
| 2025-05-30 | $0.05 | — | — | — |
| 2025-02-28 | $0.08 | — | — | — |
| 2024-11-29 | $0.08 | — | — | — |
| 2024-09-13 | $0.08 | — | — | — |
| 2024-05-31 | $0.08 | — | — | — |
| 2024-02-22 | $0.08 | — | — | — |
| 2023-11-22 | $0.08 | — | — | — |
| 2023-08-31 | $0.04 | — | — | — |
| 2023-05-25 | $0.07 | — | — | — |
| 2023-02-23 | $0.07 | — | — | — |
| 2022-11-29 | $0.07 | — | — | — |
| 2022-08-30 | $0.07 | — | — | — |
| 2022-05-26 | $0.07 | — | — | — |
| 2022-02-24 | $0.07 | — | — | — |
| 2021-11-24 | $0.07 | — | — | — |
| 2021-09-09 | $0.07 | — | — | — |
Deep Analysis
Risk : Reward — upside vs downside from this company's own quarters
Not computed yetNarrative Economics
market-narrative step).
Claude Reading
The raw quarterly data tells a story the models partially miss. Revenue collapsed from $6.23B in 2024 to $4.16B in 2025 — a 33% drop — but this is almost certainly the completion of the Advanced Healthcare Solutions spin-off, not organic deterioration. The Q4 2024 print of $2.15B versus Q4 2025's $620.1M is a 71% same-quarter decline that no operational change can explain; it is a perimeter change. What survives the spin-off is a $4.16B-revenue business with 63.5% gross margin, 17.3% operating margin, and $978M in free cash flow on only $105M of capex. That 23.5% FCF margin is genuinely elite for an industrial. The problem is that the market is paying 34.5x trailing earnings and 18.5x EV/EBITDA for a company whose revenue is flat-to-declining, whose ROE sits at 6.7%, and whose ROIC of 7.1% is below any reasonable cost of equity. The current ratio of 0.708 is a quiet red flag: working capital is tight, and with $3.21B of debt against $375M of cash, the balance sheet has less cushion than the 0.57 debt-to-equity ratio suggests.
The synthesis model's $26.67 composite fair value is directionally correct but numerically too punitive. Running my own perpetuity math: $978M FCF at zero growth and a 9.5% discount yields roughly $10.3B enterprise value, or about $25 per share after netting $2.83B of net debt across approximately 302M shares. At 3% perpetual growth and a 9% discount, that stretches to roughly $42 per share. The current $56.94 implies the market is underwriting 4-5% perpetual growth on a business that just lost a third of its top line — a stretch, but not the 86% overvaluation the synthesis implies. I would peg fair value at $38-45, making the stock 25-40% overvalued rather than 46%. The "mature_earner" classification at 0.58 confidence undersells the cash-flow quality; this is closer to a cash cow wearing a growth multiple it has not earned. The narrative model's "industrial AI infrastructure" bull story is, frankly, marketing. Fluke multimeters, Endress+Hauser flow meters, and calibration services are not the data layer for AI. The 45% narrative premium the model identifies is real, but the label is wrong — it is a quality-industrial re-rating premium, not an AI premium, and it will evaporate faster if the AI trade rotates.
The contrarian case, for what it is worth: a $978M FCF machine with 63% gross margins, $105M capex, and a 0.42% dividend yield that could be tripled without straining the balance sheet is not a broken company. If management executes a buyback program funded by that FCF — say, 10% of shares annually — the per-share math improves mechanically even with zero revenue growth. The insider data is essentially noise: the last ten transactions are 1-to-13-share A-Award vestings and a single 3,777-share small acquisition. No one is selling in size, but no one is buying in size either. That is a vacuum, not a signal. The data is also thin in ways the models do not adequately flag: 2021 net income is missing, every TTM metric carries a divergence caveat, and the quarterly revenue series is so distorted by the spin-off that the -17.2% revenue CAGR and -33.3% recent YoY are artifacts of perimeter change, not operational decay. Any model that feeds those CAGRs into a DCF without adjusting for the divestiture is computing a number that looks precise but is structurally wrong.
I agree with the synthesis that this stock is overvalued, but I dissent on the magnitude. The $30.61 signal-adjusted fair value is too low; it is pricing in a business that cannot sustain its current FCF, which the balance sheet and capex profile do not support. The stock is a quality cash-flow generator wearing a growth multiple it has not earned. At $57, you are paying for 4-5% perpetual growth that the revenue trajectory does not demonstrate. A pullback to the $40-45 range would make the 5.7% FCF yield look like 12-14%, which is where the real entry is.
GPT Reading
Grok Reading
Advanced Analysis Forensic deep-dive · separate lenses
Fortive has executed a four-year margin expansion that is genuinely impressive for a manufacturing-adjacent business: gross margin climbed from 57.2 percent in 2021 to 63.5 percent in 2025, and operating margin reached 19.4 percent in 2024 before dipping to 17.3 percent in 2025. Free cash flow has been a standout, running $911M to $1.41B over 2021-2024 and $978M in 2025, which implies an FCF-to-revenue ratio near 23 percent in the most recent year. Operating cash flow covers net income at 1.75x, accruals are negative at -3.7 percent of assets, and the Beneish M-score of -3 sits far below the manipulation threshold. The earnings are real and cash-backed. On the capital-allocation side, diluted share count has fallen from a 360.8M peak in 2022 to 334.6M in 2025, a -1.3 percent CAGR, with buybacks covering roughly 6.3x stock-based compensation. Per-share value is being concentrated, not diluted.
Verify before trusting this (5)
- Confirm whether the 2025 revenue drop from $6.23B to $4.16B is driven by a completed divestiture (e.g., Aerospace & Defense spin-off) versus organic demand loss; the 10-K segment note and MD&A will clarify.
- Review the composition of the $3.13B net debt: maturity schedule, fixed vs. floating rate, and any covenants that could tighten if EBITDA declines further.
- Check whether the 2025 operating-margin dip (19.4% to 17.3%) includes one-time divestiture or integration charges that would flatter the underlying run-rate margin.
- Verify customer concentration in the remaining portfolio; a smaller revenue base post-divestiture may carry higher single-customer risk than the prior diversified mix.
- Examine the buyback authorization remaining and whether the board has committed to a multi-year repurchase program, which would confirm the dilution-discipline trend is structural rather than opportunistic.
The price of $56.94 sits 77% above the DCF of $32.13 and 113% above the composite fair value of $26.67. Even the signal-adjusted figure of $30.61 implies an 86% discount to where the stock trades. The EPV floor of $15.75 underscores how thin the asset base is relative to the market cap of $17.2B. The bear narrative is correct: this is a diversified portfolio of mid-sized analog measurement brands growing 5-7% organically, and the market is paying a 30x+ earnings multiple for that. The bull case leans on an 'AI infrastructure' story, but the business has no platform lock-in and the 2025 revenue contraction undercuts the growth thesis. Earnings quality is high (score 3), so no haircut is warranted, but clean earnings at 23% FCF margin still do not justify a 30x multiple on single-digit growth.
Verify before trusting this (4)
- 2025 revenue contraction magnitude and whether it is cyclical or structural — check Q1/Q2 2025 10-Q segment detail
- Net debt trajectory and whether the company is accelerating buybacks or letting debt grow — 10-K debt schedule
- Any concrete AI/industrial-data revenue line item or contract wins that would justify a re-rating above 20x earnings
- Management guidance on organic growth range for FY2026 — if it stays 5-7%, the 30x multiple is hard to defend
This lens hasn't been run for this ticker yet.
This lens hasn't been run for this ticker yet.